Let's Thank the NAR and the Bankers
LOUISVILLE, Ky. — With mortgage foreclosures throwing hundreds of families out of their homes here each month, dismayed school officials say they are feeling the upheaval: record numbers of students turning up for classes this fall are homeless or poor enough to qualify for free meals.
“We’re seeing a lot more children in poverty,” said Lauren Roberts, spokeswoman for the Jefferson County school system, a 98,000-student district that includes Louisville and its suburbs.
So this is the "American dream?" I don't want to absolve everyone of their stupid financial decisions, but let's tell the truth: the hucksters in the National Association of Realtors who conned these people into believing [[ A) home prices don't ever go down B) they deserve the "American Dream" NOW ]] should get a public flogging for what they've done to America. They lit the fire and poured gas on it with every monthly press release. David Lereah and Larry Yun: take a look around and think about what your selfish shilling has done.
Let's also remember the greedy, idiotic "bankers" out there who booked "profits" on ridiculous estimates of what these mortgage-backed atrocities were worth, lined their pockets in real time based on false assumptions about the future, and disappeared into the woodwork with millions.
As for easy Al Greenspan, who never met an interest rate he didn't think needed cutting, he's beyond help. He still doesn't know enough to know when he was lucky (not smart) and still claims his easy money policies had nothing to do with the biggest asset bubble in the history of the planet. Maestro of denial.
This bubble was no different from England's South Sea bubble, just a couple of hundred years later.